The Senate "Gang of Eight" has reached a deal on immigration reform legislation, aides told Politico on Tuesday afternoon. The resulting bill could be released as early as Thursday, but probably won't be ready until next week.

Here's what an aide told Politico, indicating that a deal has been reached:

“The senators had a good discussion with [Judiciary Committee] Chairman [Patrick] Leahy this afternoon. We are optimistic that we will be able to introduce legislation soon. Chairman Leahy has agreed to hold a hearing as soon as possible after the legislation is introduced, and has promised to have unlimited debate and amendments during the committee markup. Assuming Republican members push for as much time as possible, the committee debate will last through the next recess, giving plenty of time for public debate and review.”

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A committee markup on the bill isn't expected until May 6. That generous timeline for markup is apparently meant to appease Sen. Marco Rubio, who called for a full debate and amendment process on the bill in order to get as many Republicans as possible to support it. Rubio, the most conservative member of the bipartisan "Gang of Eight," has been warned by some conservative activists to tread carefully on immigration reform, as the Hill explains in more detail.